ENCOUNTER RESOURCES LIMITED — AGM Information 2020

Nov 26, 2020

ASX Announcement 27 November 2020

AGM Chair Address and Presentation

I believe that Encounter remains one of the most productive project generation and active mineral exploration companies listed on the Australian Securities Exchange.

Encounter is a fast mover and early adopter of new technologies and datasets which provides us with opportunities in exploration frontiers.

Our project generator business model facilitates participation in an enviable project pipeline through joint ventures as well as by sole funding.

This model allows Encounter to pursue large scale gold and base metal opportunities. In turn, shareholders gain leverage to multiple, well-funded projects while minimising the demand for shareholder funds. Encounter has teamed up with leading mid-tier and major producers which also allows us access to their talented exploration teams.

Joint Ventures

Encounter continues to advance a highly prospective suite of projects in the Tanami and West Arunta regions via four joint ventures with Australia’s largest gold miner, Newcrest Mining. In October 2020, diamond drilling was undertaken at the Aileron project in the West Arunta region of Western Australia targeting an IOCG gold-copper system. Assay results from that program will be available in December.

In March 2020, IGO agreed to sole fund up to $15 million in exploration expenditure over a maximum seven-year period at the Yeneena copper-cobalt project in the Paterson Province of Western Australia to earn a 70% interest in Yeneena.

In September 2020, BHP and Encounter entered into an Option Agreement covering the Elliott Copper Project in the Northern Territory. The Agreement provides BHP with the right to earn a 75% interest in Elliott by spending up to $22 million over ten years.

Sole Funding

Elliot was one of six new projects in the Northern Territory covering over 15,000km[2 ] identified utilising new Geoscience Australia and Northern Territory Geological Survey datasets. These coppers focussed projects lie in a highly prospective and vastly underexplored region under shallow cover located between the major mineral districts of Mt Isa and Tennant Creek. All in a time of increasing optimism for copper.

Encounter continues to advance the 100% owned Lamil Copper-Gold Project located in the Paterson Province of Western Australia. High-grade gold has been intersected in broad spaced drilling over 5km of the Lamil dome. A 3,200m RC drill program was completed earlier in November 2020 with assay results are due in December.

Encounter Resources Limited Level 7, 600 Murray Street West Perth WA 600

P +61 8 9486 9455 F +61 8 9486 8366 E contact@enrl.com.au www.enrl.com.au

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Encounter remains one of the most dedicated and active mineral exploration companies in Australia. We are focused on generating value for our shareholders through leading edge exploration for major mineral deposits in Australia.

Encounter is disciplined in its approach to capital management and we are steadfast in our commitment to systematic exploration that can create enduring value for our shareholders. Our exploration plans remain well funded and, importantly, we have an extremely capable and experienced team that is dedicated to realising the potential of our portfolio.

In closing, we would like to thank our local communities, employees, joint venture and alliance partners, suppliers and other business partners. We also would take this opportunity to thank our fellow shareholders for your ongoing support.

Paul Chapman Chairman

For further information, please contact: Will Robinson Managing Director +61 8 9486 9455 contact@enrl.com.au michael.vaughan@fivemark.com.au

This announcement has been authorised for release by the Board of Encounter Resources Limited

About Encounter

Encounter Resources Limited is one of the most productive project generation and active mineral exploration companies listed on the Australian Securities Exchange. Encounter’s primary focus is on discovering major gold deposits in Western Australia’s most prospective gold districts: the Tanami, the Paterson Province and the Yilgarn.

The Company is advancing a highly prospective suite of projects in the Tanami and West Arunta regions via joint ventures with Australia’s largest gold miner, Newcrest Mining Limited (ASX:NCM).

Complementing its expansive gold portfolio, Encounter controls a major ground position in the emerging Proterozoic Paterson Province where it is exploring for copper-cobalt deposits with highly successful mining and exploration company IGO Limited (ASX:IGO), and intrusive related copper-gold deposits at its 100% owned Lamil Project.

In addition, project generation activities in the Northern Territory utilising new Geoscience Australia datasets has resulted in Encounter securing the first mover Elliott and Jessica copper projects. Elliott is being advanced in partnership with BHP via an option agreement to enter an earn-in and joint venture.

Encounter Resources Limited 2

Annual General Meeting 27 November 2020

Gold and Copper in Australia: Collaborating with high quality partners to make new discoveries

ASX: ENR

Disclaimer and compliance statement

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This presentation has been prepared by Encounter Resources Limited (“Encounter”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Encounter has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Encounter.

Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to Encounter. In particular, they speak only as of the date of this document, they assume the success of Encounter’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned to not place undue reliance on such forward-looking statements.

Encounter makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, Encounter and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Encounter and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick holds shares and options in and is a full time employee of Encounter Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewick consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and the form and context of the announcement has not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

Certain exploration drilling results for BM1 were first disclosed under JORC code 2004. It has not been updated since to comply with the JORC code 2012 on the basis that the information has not materially changed.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick is a full time employee of Encounter Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewick consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

This announcement has been approved for release by the Board of Encounter Resources Limited.

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The Encounter business model

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PROJECT GENERATOR MODEL

Progress project pipeline with a mix of alliances, joint ventures and sole funding

TIER 1 TARGETS

Project generation and exploration targeting multi-million ounce gold and major base metal discoveries in world-class mineral belts

HIGH QUALITY PARTNERS

Partner with leading mid-tier and major producers which have well supported, talented and highly resourced exploration teams

FAST ADOPTION OF NEW DATA AND TECHNOLOGIES Fast mover, early adopter of new technologies and new datasets

DATA DRIVEN INSIGHTS

Reduce exploration risk through cost effective and innovative data-driven techniques to rapidly prioritise and assess targets

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3 3

Creating value through project generation and discovery Encounter at a glance

Capital structure

Share price – 12 months

Capital structure
ASX ticker	ENR
Share price (26/11/2020)	$0.18
Shares on issue	314M
Options	15M
Market capitalisation	~$57
Cash Listed investments	~$8M ~$1M
Enterprise value (net of cash and listed investments)	~48M
Major shareholders
Board and Management	~14.2%
IGO Limited	~8.2%
Silver Lake Resources	~5.3%

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$0.35 2,500,000
$0.30
2,000,000
$0.25
1,500,000
$0.20
$0.15
1,000,000
$0.10
500,000
$0.05
$0.00 0
Volume Close
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Mr Peter Bewick Mr Philip Crutchfield Exploration Director Non Executive Director B.Eng (Hons), B.Comm., LL.B (Hons), MAusIMM LL.M LSE

Mr Paul Chapman Non Executive Chairman B.Comm, ACA, Grad. Dip. Tax, MAICD, MAusIMM

Dr Jon Hronsky OAM Non Executive Director BAppSci, PhD, MAusIMM, FSEG

Mr Will Robinson Managing Director B.Comm, MAusIMM

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Scale opportunities in gold and copper within Australia

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Paterson Province
Gold-Copper
Drill ready gold targets Northern Territory
25km NW of Telfer
Sediment Hosted copper
and IOCG targets in
100% emerging region
100%
Tanami and
Paterson Province West Arunta
New approach in a Fast-tracking exploration
known Cu-Co district via joint ventures with
100% Newcrest
Yilgarn Gold
New techniques in a world-
class gold province
Copper
Gold
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Gold

▪ West Arunta – Aileron IOCG target

• Tanami – 3,000km[2] in funded JVs

• Paterson Province – Lamil Au/Cu

• Yilgarn – new greenfield gold targets

NCM JV NCM JV ENR 100% ENR 100%

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Paterson Province: drill ready gold targets at Lamil

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• 100% ENR – located 25km NW of Telfer

• Dune Prospect – open, high grade gold mineralisation in 200m line spaced drilling:

• 4m @ 7.1g/t Au from 216m

• 10m @ 2.8g/t Au from 94m

• 4m @ 3.3g/t Au from 74m

• Gap Prospect – supergene gold mineralisation on a single section of drilling:

• 30m @ 1.1g/t Au from 96m

• 36m @ 0.4g/t Au from 124m

• 36m @ 0.5g/t Au from 28m

• Elsa Prospect – Havieron-style IP target adjacent to the depth extensive breccia zone intersected in March 2020 diamond drilling

• 3,200m RC drill program completed

• Assay results December 2020

Lamil Project - Airphoto – Max gold-in-hole

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Refer to ASX releases 26 April 2017, 11 June 2020 and, 4 September 2020

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West Arunta: large IOCG target in a new region

• Joint venture with Newcrest covering 1,300km² within the West Arunta province of WA

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• Large IOCG target identified with scale of an Ernest Henry or Carrapateena style GoldCopper system

• Initial drill target is a steeply dipping 500m x 200m magnetic body starting from ~50m below surface[1]

• First diamond drill program completed

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500m
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Tenement location Plan on TMI background
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Modelled magnetic feature at Aileron with planned first drill hole

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1Refer to ASX announcement 21 March 2018

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West Arunta: large IOCG target in a new region

Initial observations from the Newcrest-funded drill hole include:

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• Shallow cover depth ~10m

• Extensive hydrothermal alteration including zones of hematite alteration consistent with the IOCG model

• Magnetite bearing, banded iron formation intersected at ~150m

Assay results expected December 2020

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Refer to ASX announcement 16 October 2018

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Tanami: a major gold exploration portfolio

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Afghan Mojave
Bandicoot
Camel
Hutch’s Find
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• Multiple joint ventures with Newcrest covering >3,000km² of the Tanami Gold Province in WA

• 100km of strike along the major structural corridor interpreted to be the key controlling structure for gold mineralisation in the Tanami

• Material new near mine gold discoveries at Newmont Goldcorp +14Moz Callie mine[1]

• Shallow historical exploration has defined multiple Tier 1 deposit footprints

• First-pass drilling at Mojave and Afghan intersected gold mineralisation in a favourable structural setting[2]

Tanami Joint Venture areas with gold occurrences (yellow) over regional gravity data

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1 Refer to Newmont Tanami Operations AGES Paper 20 March 2018 2 Refer to ASX releases 23 January 2020

Yilgarn: new techniques in a world-class gold province

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Rani – geochemical/structural targets 40km west of Menzies Sefton – unexplored greenstone 80km east of Laverton

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Sefton Au
Riverina
Resource (322koz)
ASX:OBM
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Copper

• Paterson Province – copper/cobalttargets IGO JV

• Northern Territory – Elliott copper project

• BHP option

• Northern Territory – camp scale copper ENR 100%

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Australia’s hottest copper address

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• The Paterson Province is a proven mineral region with a consistent history of discoveries

• Encounter holds exploration tenure over 1,600km² of the Paterson Province:

• Central African Copperbelt analogue

• Magmatic Copper-Gold (Winu analogue)

• IGO Ltd and Encounter joined forces to advance the Yeneena Copper-Cobalt Project:

• IGO can sole fund $15 million in exploration expenditure over a maximum seven years to earn a 70% interest

• Well funded majors actively exploring in the region and making new discoveries

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Refer ASX announcement 5 November 2020

Paterson Province: Yeneena Copper Project

BM1: Coherent zone of shallow copper oxide mineralisation. Best intersections include[1] :

  - **10m @ 6.8% Cu from 32m***

• On ground exploration commenced under the earnin and joint venture agreement with IGO in March 2020 including:

• Fine-fraction soil surveys:

• New copper in soil anomalies defined

• Supported multi element geochemistry

• Infill sampling in progress

• Electromagnetic (“EM”) surveys:

• Conductor identified at depth adjacent to BM1 copper prospect on Windsor Fault

• 3D modelling in progress

• New datasets to define and prioritise targets

• Diamond drill program in progress

• 20m @ 2.0% Cu from 22m*

• 16m @ 3.2% Cu from 26m

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1Refer ASX announcements 15 July 2014, 30 January 2015, 2 March 2017. *Reported pursuant to the 2004 Edition of the JORC Code.

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Northern Territory: the next hot spot for copper in Australia

• Highly prospective but vastly underexplored region under shallow cover located between the major copper-gold producing districts of Mt Isa and Tennant Creek

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• Copper sourced from sedimentary-hosted deposits is one of the largest sources of copper metal in the world today

• Potential for sedimentary-hosted copper deposits to be found under thin cover in the Northern Territory is being opened up through the interrogation of new government datasets (GA, NTGS).

• Encounter moved early and aggressively to secure a series of camp scale, first mover opportunities

• Seven projects targeting sediment-hosted and IOCG style copper

• Early exploration has yielded exciting results

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Elliott Copper Project

BHP teams up with Encounter

• Elliott is being advanced together with BHP via an option agreement to enter an earn-in and joint venture

• Staged earn-in where BHP has the right to earn up to 75% interest in Elliott by spending up to $22 million over 10 years

• A program of compilation, interpretation and modelling of the data packages has been designed with BHP and will be completed by the parties before 31 December 2020

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• Strategic land position of 4,500km² located on a major structural intersection on the south western margin of the Beetaloo Basin

• Standout copper in groundwater anomaly from Geoscience Australia sampling

• Target sequence undercover and untested

• Coincident regional soil copper anomaly

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Jessica Copper Project

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• 5,500km² covering key structural corridors east of Tennant Creek

• Prospective for sediment-hosted copper and IOCG deposits

• Near surface copper oxide (malachite) mineralisation identified in rock chips generated from water bore drilling

• Initial aircore drill program will be undertaken following receipt of approvals

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Barkly Tablelands (Photo: Geoscience Australia)

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Copper Carbonate (Malachite)

• 0-3m from RN28419 – chemical assay 1.5% Cu

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Carrara Copper/Zinc Project

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• Correlation of prospective stratigraphic units from the Isa Super basin into the Carrara Sub-basin that extended the Mount Isa Province to the west

Carrara

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• Target area located at an interpreted structural offset of the western margin of the Carrara Sub-basin where the prospective Isa Super basin has been modelled closer to surface

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Carrara
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• MinEx CRC – National Drilling Initiative

• South Nicholson 2km deep stratigraphic drill hole in progress

South Nicholson Seismic Survey, a foundational dataset acquired as part of the GA Exploring for the Future Program

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Sandover, Brunchilly & Playford Projects

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Sandover Copper Project

• Intersection of major structural corridors on the southern margin of the Georgina basin

• Historical exploration mapped copper oxides at surface in a stratiform position extending over 20km of strike

• Focus on the down dip continuation of this horizon and identifying where it extends under cover

Brunchilly Copper/Zinc Project

• Zinc in groundwater anomaly (top 1% of results) in the GA sampling program

• Located on a major north-east trending regional structure north of Tennant Creek

• Supported by elevated anomalism in pathfinder elements for sedimentary-hosted base metals deposits

Playford Copper Project

• Located in a region of copper regolith anomalism identified through handheld XRF analysis of water bore drill chips

• Margin of an interpreted felsic intrusion identified in a seismic survey completed by GA

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Shareholders gain exposure to significant exploration expenditure with minimal dilution

Foundations established for major exploration drive

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Exploration expenditure

Upcoming results:

Total spend on Encounter Elliott Cu projects

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Yeneena Cu-Co JV Tanami Gold JVs West Arunta IOCG JV Encounter spend Lamil & Yilgarn Gold Projects 100% ENR NT Copper Projects

Yeneena Cu: Diamond drilling in progress Assay results – Jan 2021

Aileron Au/Cu:

Diamond drilling completed Oct 2020 Assay results – Dec 2020

Lamil Au:

RC drilling completed Nov 2020 Assay results – Dec 2020

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Northern
Tanami Territory
West
Arunta ELLIOTT
JESSICA
PORT
HEDLAND
Paterson
Province
PERTH KALGOORLIE
Copper
Yilgarn
Gold
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Active exploration programs in world-class minerals belts

High-quality partners and shareholders

• Multiple Tier 1 opportunities:

• Lamil (ENR 100% – Paterson)

• Aileron IOCG JV (Newcrest – West Arunta)

• Yeneena Cu-Co (IGO – Paterson)

• Tanami Gold JVs (Newcrest – Tanami)

• Elliott Sediment Hosted Copper (BHP – NT)

• Jessica IOCG/Sed. Copper (ENR 100% – NT)

• Major shareholders and project partners:

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